Angry alums and donors made their voices heard.

The Guardian reports.

Cecil Rhodes statue to remain at Oxford University after alumni threaten to withdraw millions

The governing body of Oriel College, which owns the statue, has ruled out its removal after being warned that £1.5m worth of donations have already been cancelled, and that it faces dire financial consequences if it bows to the Rhodes Must Fall student campaign.

A leaked copy of a report prepared for the governors and seen by this newspaper discloses that wealthy alumni angered by the “shame and embarrassment” brought on the 690-year-old college by its own actions have now written it out of their wills.

The college now fears a proposed £100m gift – to be left in the will of one donor – is now in jeopardy following the row.

The donors were astonished by a proposal to remove a plaque marking where Rhodes lived, and to launch a six-month consultation over whether the statue of the college’s biggest benefactor should be taken down.

But Oriel College confirmed in a statement to the Telegraph: “Following careful consideration, the College’s governing body has decided that the statue should remain in place.”

A small but vocal group of student activists had argued that the image of Rhodes, whose legacy still funds Rhodes scholarships for overseas students, should be toppled because the Victorian imperialist was a racist.

Oriel’s agreement to enter into discussion about the future of the statue triggered a wider row about free speech in universities and whether students need to be protected from offence.